HDFC Bank Limited has appointed Backbase to deliver their vision for a market-leading digital banking experience in India. Backbase powers HDFC Bank’s next-gen retail banking, enabling a more seamless customer experience across digital touchpoints in response to changing consumer expectations and new regulatory requirements.
What is the market offering of HDFC Bank?
HDFC Bank is providing innovative products and smart banking solutions to customers across India. A Backbase customer since 2016, has renewed their agreement in its technical design principles of security, horizontal scalability, and remaining cloud agnostic.
Built as one unified platform to engage and orchestrate frictionless experiences across all touchpoints at every stage of the customer lifecycle across retail banking, business banking, digital lending, and wealth management, Backbase has helped 150+ banks and credit unions around the globe re-architect banking around their customers.
HDFC’s next-gen internet banking architecture will be managed on the Backbase Engagement Banking Platform. The platform meets Indian money transfer regulations, via seamless integrations with Real Time Gross Settlement, National Electronic Funds Transfer, Immediate Payment Service, and UPI Payments, and encompasses configurable local security features.
“Indian consumers expect digital banking to match the seamless experience of e-commerce and social media. Need for savvy UI, from savings to loans to payments and beyond, customers want to complete transactions, easily anytime and anywhere. Backbase has been assessed to be what we need and we are confident it will help us develop new services faster,” commented Ramesh Lakshminarayanan, Chief Information Officer, Group IT Head at HDFC.
HDFC continues to invest in technology to improve customer experience and enhance efficiencies by providing a seamless experience to customers across, on the back of a firm infrastructure, the HDFC Bank Enterprise and Digital Factory established in June 2021.
What does the partnership mean for Backbase?
“I’m delighted to continue partnering with HDFC Bank to bring platform-era banking to its millions of customers. We’ve worked tirelessly to earn the trust of HDFC Bank, and we’re excited to deliver a next-generation banking experience in one of the most important and innovative banking markets in the world,” said Jouk Pleiter, Chief Executive Officer at Backbase.
In addition, Backbase also provides seamless local engineering, implementation and customer support, for banks in India, through the Hyderabad Backbase Development Center, freeing financial institutions focus on delivering hyper-personalized experiences and support and generating new revenue streams. For banks with hybrid or pure cloud implementation, Backbase provides local support via our data centers within Mumbai and Hyderabad.
“Our strong local tech and engineering resources allow us to do it right, and to do more with less. Our engineering investment in India and customer success hub provides instant digital execution power to Indian financial institutions as they move to a unified banking platform architecture,” said Abhijit Chavan, Vice President, Customer Success, Asia, Backbase.